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Phoenix Motor Replaces CEO with Chairman

Ex-CEO Lance Zhou previously led Karma

Phoenix Motor Inc. (Nasdaq: PEV) replaced its CEO, Lance Zhou, with Chairman Xiaofeng Peng on June 6, effective immediately.

The Anaheim-based commercial EV truck maker reported the leadership move in regulatory filings, though it did not divulge a reason for Zhou’s sudden departure.

Phoenix last year tapped Zhou as CEO to help the EV maker grow its operations globally, officials said at the time. Zhou previously helmed Irvine luxury vehicle maker Karma Automotive Inc.

Its new CEO, Peng, has been Phoenix’s chairman since 2020. Peng is also the chairman of Phoenix’s parent company, SPI Energy.

The day Phoenix reported Zhou’s departure, shares in the company fell as much as 11% to around 72 cents apiece. Phoenix shares in after-hours trading today rose 4.5% to 80 cents apiece and a roughly $16 million market cap.

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